John Lennon's old school book containing a drawing of a walrus has been auctioned for £126,500.

The book, written by the Beatles star when he was 12, was sold to a private pop memorabilia collector in London.

It contains musings, drawings and poems by Lennon, including his depiction of Lewis Carroll's poem The Walrus and the Carpenter, which later inspired I Am the Walrus.

The sale is the latest in a series of Beatles items that have failed to reach their expected values, however. Dealers had thought the book would go for £150,000, while a log the singer wrote of his 1980 trip to Bermuda went for half its valuation at £12,000. A letter from Paul McCartney to his Lennon, George Harrison and Ringo Starr, about a management dispute, failed to reach its £50,000 reserve price.